A rapidly moving brush fire destroyed at least 20 homes and forced emergency evacuations in Orange County, California, on Wednesday in a devastating preview of the coming fire season. The fire in the city of Laguna Niguel started Wednesday afternoon and grew to about 200 acres as it ripped through mansions that sit along parched… Continue reading At Least 20 Homes Engulfed in Orange County, CA Blaze
Author: Farkas Laura
Q1 Broker M&A Activity at Six-Year Low, But Poised for Growth: Optis Partners
According to an OPTIS Partners report, the first-quarter merger and acquisition (M&A) volume for insurance agencies and brokerages was the lowest since 2016. “It’s common to see first quarter M&A transactions fall significantly from the [fourth] quarter of the prior year as inventory shrinks and deal teams take a pause,” said OPTIS Partners in the… Continue reading Q1 Broker M&A Activity at Six-Year Low, But Poised for Growth: Optis Partners
Missouri’s Hunter Johnson Joins Alliant Insurance Services
Alliant Insurance Services has hired Hunter Johnson as Vice President, growing its presence in the Midwest region. Based in Springfield, Missouri, Johnson will deploy his broad expertise in workers’ compensation, alternative risk financing, and complex risk placement to design and deploy cutting-edge insurance products and solutions to clients across the region. “Hunter’s extensive background working… Continue reading Missouri’s Hunter Johnson Joins Alliant Insurance Services
D&O Market Had Its Best Year Since 2014, But Faces Headwinds: AM Best
According to a recent AM Best report, last year was the most profitable for the directors and officers (D&O) liability insurance market since 2014, but it may not reflect the challenges that lie ahead for the product line. Double-digit price increases through 2021 fueled D&O insurers’ top-line premium growth, which is expected to remain near… Continue reading D&O Market Had Its Best Year Since 2014, But Faces Headwinds: AM Best
Allianz Books Extra $2 Billion in Legal Expenses
Allianz SE has set aside an additional $2 billion for legal costs associated with ongoing settlements with investors in funds that suffered losses during the March 2020 market chaos. The German financial behemoth said Wednesday that it booked 1.9 billion euros, or about $2 billion, in legal provisions in the first quarter as a result… Continue reading Allianz Books Extra $2 Billion in Legal Expenses
Workers’ Compensation Carriers Post a Profitable Year for 2021
The National Council on Compensation Insurance (NCCI) today released its performance metrics for the US workers compensation system for 2021. Private carrier plus state fund net written premium increased about 1% to $43 billion in 2021 (private carrier premium alone was $38B). Private carriers again posted a profitable Calendar Year 2021 combined ratio of 87.… Continue reading Workers’ Compensation Carriers Post a Profitable Year for 2021
Lloyd’s of London AGM Goes Virtual on Activist Threat
Commercial insurance market Lloyd’s of London is encouraging members of its 100-odd syndicates to attend its annual general meeting next week online rather than in person, due to the threat of climate protests. Since Lloyd’s sent out invitations for the May 19 AGM on April 19, “the risk of disruption has significantly increased”, Chairman Bruce… Continue reading Lloyd’s of London AGM Goes Virtual on Activist Threat
Triple-I: New Mexico’s Wildfires Highlight Need for Preparedness
President Joseph Biden’s approval last week of a major disaster declaration for New Mexico gave new urgency to the importance of May’s Wildfire Awareness month, according to the Insurance Information Institute (Triple-I). “The U.S. has incurred a significant loss of life and property damage over the past five years due to wildfires and drought conditions… Continue reading Triple-I: New Mexico’s Wildfires Highlight Need for Preparedness
SEC Gives Public Until June 17 to Weigh In on Climate Risk Proposal
The Securities and Exchange Commission (SEC) extended until June 17 the period for public comment on its landmark proposal to require publicly traded companies in the United States to disclose a variety of climate-related risks and greenhouse gas emissions. Gary Gensler, the SEC’s chairman, stated that the deadline was extended due to “significant interest” from… Continue reading SEC Gives Public Until June 17 to Weigh In on Climate Risk Proposal
Global Banks Withdraw from SPACs After Creating Blank-Check Frenzy
Only a few years after helping to create a massive market for blank-check companies, banks are backing away from the deals, fearful of the risks. According to Bloomberg, Goldman Sachs Group Inc. is ending its involvement with the majority of the special purpose acquisition companies it took public and halting new SPAC issuance in the… Continue reading Global Banks Withdraw from SPACs After Creating Blank-Check Frenzy